February 19, 2012
By Paul K. Emerson, TAC State Financial Analyst
Leading into the third quarter of fiscal year 2012, the state sales tax continues to show significant improvement, which may signify the Texas economy is recovering. Earlier this month, Comptroller Susan Combs reported that the state sales tax collection for January 2012 was $2 billion, up 9.5 percent compared to the same period last year. This marks the second month during the current fiscal year the state sales tax has reached the $2 billion level — the first month being November 2011, which reached $2.06 billion. The chart below reflects November 2011 figures and the past four calendar years; figures for 2012 are not included.
According to Combs, recent collections were led by the oil and natural gas-related sectors. Such collections also boosted local sales tax allocations to individual cities, counties, transit systems and special districts; $708.5 million was disbursed in February 2012, up 8.2 percent compared to this time last year.
It is interesting to note that an additional $2.17 billion was collected in 2011 compared to 2010. The chart also reveals that revenues have increased over the past 22 consecutive months, from April 2010 to the present.
For more information, contact TAC State Financial Analyst Paul Emerson at (800) 456-5974.